Cardano Developer IOG Restructures to Venture Studio Model, Lays Off Some Staff
The blockchain research and engineering company has cut jobs as it pivots to a smaller venture studio business model.
Cardano developer Input Output Global (IOG) has laid off an unspecified number of employees as the company restructures into a “venture studio” with a smaller core business model, IOG and Cardano co-founder Charles Hoskinson told CoinDesk.
“IOG has been restructuring into a venture studio where its core is smaller and it has many spin-offs,” Hoskinson said.
He added, “As we move into this new business model, we’ve consolidated and eliminated groups that are redundant or not relevant to the new model.”
The new venture studio model will have a number of spinoffs, including a wallet division, Lace; an identity framework, Prism; and Cardano-related infrastructures.
Despite the layoffs, IOG is continuing to "hire and grow," Hoskinson told CoinDesk. He did not specify the roles for which the company is hiring, nor the number of employees it will hire.
An IOG representative did not immediately reply to CoinDesk’s request for comment on which roles the company eliminated.
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